My Chase Loan® gives eligible Chase cardmembers a way to turn part of the available credit on an existing credit card into cash without opening a traditional personal loan account. The feature comes with a fixed APR, predictable monthly payments, and no separate application or credit check. Funds can be deposited directly into an eligible bank account, making the option useful for planned or unexpected personal expenses.
Unlike a conventional personal loan, My Chase Loan uses credit that is already available on an eligible Chase credit card. This means the loan reduces the amount of credit available for new purchases while it remains outstanding. The feature is offered only to eligible cardmembers, and not every Chase credit card account will receive an offer.
My Chase
No origination fee No early payoff feeHow My Chase Loan Works
My Chase Loan allows eligible cardmembers to borrow from the available credit on an existing Chase credit card. There is no separate loan application, no new account to manage, and no additional credit check when setting up the loan.
The minimum amount is currently $500. Chase does not publish one universal maximum because the amount available varies according to factors such as the cardmember’s spending, creditworthiness, available credit, and account history. Chase displays the maximum available amount when an eligible customer begins setting up a loan.
After selecting an amount, the cardmember chooses from the payment durations offered for that specific loan. The loan has a fixed APR and fixed monthly payment structure. Chase states that the APR is typically lower than the Standard Purchase APR on the eligible credit card, although the exact rate varies by offer.
Once established, the My Chase Loan balance becomes part of the credit card’s overall balance. The monthly loan payment is included in the card’s minimum payment due, so borrowers continue managing payments through their existing Chase credit card statement rather than receiving a separate loan bill.
More Advantages of My Chase Loan
One of the main advantages is simplicity. Since the feature relies on an existing Chase credit card account, eligible users do not have to complete the type of application normally required for a traditional personal loan. There is also no additional credit inquiry associated with setting up My Chase Loan.
Funding can also be relatively fast. Chase states that money may be deposited into the eligible bank account in as little as one to two business days. The account can generally be a checking or savings account normally used to pay the eligible Chase credit card.
Another advantage is payment predictability. My Chase Loan uses a fixed APR rather than the card’s variable purchase APR structure for the loan balance, allowing the cardmember to see a defined payment schedule when setting up the loan.
Borrowers can also pay off My Chase Loan early without an early payoff penalty. Chase explains that the balance can be paid off by paying the credit card’s statement balance in full.
Because the loan remains connected to the existing credit card account, there is no additional loan account to monitor. This can make repayment more convenient for cardmembers who already manage their Chase account online or through the Chase Mobile app.
Cons of My Chase Loan
The biggest limitation is eligibility. My Chase Loan is not automatically available to everyone who holds a Chase credit card. Eligibility depends on several factors, including the credit profile, card credit limit, and previous account behavior. Chase also states that My Chase Loan is currently unavailable during the first 180 days after a credit card account is opened.
Another disadvantage is the impact on available credit. Because My Chase Loan uses a portion of the credit already available on the card, the amount remaining for new purchases decreases. Cardmembers can continue using the card, but only if sufficient available credit remains.
There is also no guarantee that the APR will be lower than rates available from banks, credit unions, or online personal loan lenders. Chase only states that the My Chase Loan APR is typically lower than the Standard Purchase APR on the card itself. Borrowers should compare other financing options before deciding.
Finally, My Chase Loan remains part of the credit card account. The card’s normal terms still apply, which means certain other account charges, such as late payment fees, may apply when relevant.
My Chase Loan Rates and Fees
Chase does not publish one universal APR range for My Chase Loan because rates are personalized. Each eligible offer includes a fixed APR and a specific number of billing periods required to repay the selected amount.
According to Chase, the fixed APR offered through My Chase Loan is typically lower than the Standard Purchase APR of the eligible credit card. However, this does not necessarily mean it will be less expensive than every personal loan or financing option available elsewhere.
There is no origination fee and no early payoff fee for My Chase Loan. These are meaningful differences from some traditional personal loans that may deduct an origination charge from the loan proceeds or impose other borrowing costs.
Other terms of the Chase credit card account continue to apply during the loan period. For example, late payment fees may still be charged under applicable account terms.
Before accepting an offer, cardmembers should compare the fixed APR, monthly payment, repayment duration, estimated total interest, and the amount of available card credit that will remain after the loan is established.
How to Get My Chase Loan
My Chase Loan does not use a traditional loan application process. Instead, eligible cardmembers can check whether an offer is available by signing in to Chase.com or the Chase Mobile® app.
The process generally involves three main steps:
- Choose the loan amount: Select an available amount of at least $500.
- Choose a payment duration: Review the repayment options available for the selected loan amount.
- Receive the funds: After completing the setup, Chase can deposit the money into an eligible bank account in as little as one to two business days.
Before confirming the loan, review the fixed APR, payment amount, repayment duration, estimated interest cost, and remaining available credit on the card.
My Chase Loan may be worth considering for eligible Chase cardmembers who need access to cash, prefer fixed monthly payments, and want to avoid applying for a separate personal loan. The lack of an additional credit check, origination fee, and separate account can make the process relatively straightforward.
However, borrowing through My Chase Loan still creates interest charges and reduces the credit available on the associated card. Comparing the offer with personal loans, savings, and other financing alternatives can help determine whether it is the most appropriate option for the expense and budget.
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